Media ININ Economy We Trust
Media In / Agencies / Amman 2 May 2018
During the first quarter of 2018, the Housing Bank for Trade and Finance posted a pre-tax profit of 42.2 million dinars against 45.8 million dinars for the same period last year. Net profit after tax amounted to 27.8 million dinars compared to 31.4 million dinars during the same period of 2017.
The Bank attributed the decrease in profits to the introduction of the IFRS, noting that the total income for the period was KD 85.7 million, an increase of 3.6% over the corresponding period of the previous year.
The Board discussed the financial statements of the Bank and approved the results achieved by the Bank in various aspects to support its successful career and enable it to continue sustained growth in various fields of business.
The bank maintained a safe liquidity ratio of 125 percent, a capital adequacy ratio of 16 percent, higher than the minimum required by the Central Bank of Jordan, and a return on assets after tax of 1.4 percent and a return on equity after tax of 10 percent .
For his part, Chief Executive Officer Ehab Al-Saadi said that the results achieved are good in light of the continued challenges of the operating environment. He pointed out that the Bank’s operating profit increased by 4% and its total assets increased by 1.3% to reach KD 8.3 billion.
Customer deposits rose by 1.2 percent to KD 5.9 billion, while the total balance of direct credit facilities increased by 2.5 percent to KD 4.6 billion.
Total equity stood at KD 1.1 billion, with Al Saadi anticipating the bank’s growth in the remainder of the year.
Al-Saadi stressed his pride in maintaining the bank’s leadership in the local banking market with a number of indicators, the most important of which are the balances of direct credit facilities, savings accounts in local currency, branch network and ATMs.
He also expressed his pride in the bank’s soundness and the safety and quality of its credit portfolio. Non-performing debt ratio improved by 0.3 percentage points to 3.7 percent at the end of March 2018. The ratio of provisions to non-performing loans rose by 4.1 percent To about 111 percent, reflecting the correct approach to risk management at the bank.
